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Bitcoin Reached New All Time High Of 58K – Bitcoin Traders Speculate 75k Price

Bitcoin all time high price 2021, within the past few days, bitcoin has reached a new all time high of $58k. Since the new all time high, bitcoin has fallen back to $55k. Analyst speculate the price influx is linked to the purchases from big corporate institutions.

Teach companies have been doubling down their bets, causing bitcoin prices to increase. NYDIG, a bitcoin financial service, has raised over $200 million US dollars from investors such as Morgan Stanley, New York Life, and Soros Fund Management.

With the adoption of Bitcoin amongst similar institutions, this has accelerated the price of Bitcoin tremendously. One Evercore ISI strategist Rich Ross, has claimed that Bitcoin can hit the $75,000 dollar price point in the near future.

Edward Moya, a senior market analyst of Oanda, reports that Bitcoin and Ethereum bullishness is contributing to the flowing of big-money bets from financial institutions and tech companies.


what was the highest bitcoin value ever

What Was The Highest Bitcoin Value?

Bitcoin all time high price 2021 hit the $50k mark back in February. One financial survey revealed over 85% of wealth managers and investors plan on buying more. Over the next 2 years, you can expect the Bitcoin price to rise.

The majority of these prestigious investors and wealth managers all speculate Bitcoin will explode in 2021. What makes Bitcoin so enticing to invest in, is the opportunity for higher returns. Bitcoin can also be used as a hedge against inflation and currency debasement.

Technical analysis suggest Bitcoin prices could hit $75,000 in the near future. The popular digital asset gained over 5.7% with the price hovering around $53,000. Cryptocurrencies total market cap has reclaimed the $1 trillion spot and has renewed the bull run for investors.

Studies done by AssetDash has shown that Bitcoin is sixth largest asset in the world. Being in the company of Amazon, Apple, and Microsoft shows the potential and power of Bitcoin.

If Bitcoin can manage to sustain it’s $1 trillion market capitalization, this will cause more institutional investment which will take Bitcoin to another level.

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What will be the price of Bitcoin in 2021?

Bitcoin All Time High Price 2021

There are a couple of reasons why Bitcoin’s prices have surged as of late. The United States of America has passed their 3rd round of stimulus checks for economic assistance due to Covid-19. The U.S. Department of Labor released data showing the Consumer Price Index (CPI) has grown from 262.231 to 263.161 in February. This was a 0.4% increase from the previous month, representing exceeded expectations of inflation.

Bitcoin’s bullish run is still going strong with the price hovering around $56k as of today, the price has dropped from the $58k price point yesterday. BTC has risen 2.67% within the last 24 hours and 21.94% during this week.

With Bitcoin breaking past the neckline position of the inverse head and shoulder pattern, this proves BTC is returning back to bull mode. The key factor during this bull run is the lack of transaction volume returning to it’s previous high.

If Bitcoin fails to move higher, a new downward correction can be near. The first major support price is $53,000. The next huge support level starts at the neckline of $52,079. Anything below these critical levels will re-press the price back into the bearish inverse head and shoulder pattern.

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